Beacon Roofing Supply (NASDAQ:BECN) Hits New 52-Week High – Here’s Why

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $121.77 and last traded at $118.76, with a volume of 253 shares changing hands. The stock had previously closed at $118.40.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada raised their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. upped their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. Finally, BMO Capital Markets increased their price objective on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $121.11.

Beacon Roofing Supply Trading Down 0.7 %

The company has a 50-day moving average price of $109.03 and a two-hundred day moving average price of $97.98. The stock has a market cap of $7.32 billion, a P/E ratio of 20.23 and a beta of 1.61. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Insiders Place Their Bets

In other news, insider Clement Munroe Best III sold 5,637 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the completion of the transaction, the insider now directly owns 69,514 shares of the company’s stock, valued at approximately $6,984,071.58. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the sale, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock worth $1,578,146 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of large investors have recently made changes to their positions in BECN. Quarry LP lifted its position in Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares during the period. Blue Trust Inc. raised its stake in shares of Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Beacon Roofing Supply in the 3rd quarter worth approximately $28,000. GAMMA Investing LLC lifted its stake in Beacon Roofing Supply by 154.0% during the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after acquiring an additional 445 shares during the period. Finally, Central Pacific Bank Trust Division increased its stake in shares of Beacon Roofing Supply by 66.7% in the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock worth $108,000 after acquiring an additional 500 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.